Thursday, July 25, 2013

Freddie Mac: 30 Mortgage Rate declines to 4.31% in Latest Survey

by Bill McBride on 7/25/2013 02:21:00 PM

From Freddie Mac today: Mortgage Rates Calm Further

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates easing for the second consecutive week helping to alleviate concerns over a slowdown in the housing market and amid recent strong homes sales data for June. ...

30-year fixed-rate mortgage (FRM) averaged 4.31 percent with an average 0.8 point for the week ending July 25, 2013, down from last week when it averaged 4.37 percent. Last year at this time, the 30-year FRM averaged 3.49 percent.

15-year FRM this week averaged 3.39 percent with an average 0.8 point, down from last week when it averaged 3.41 percent. A year ago at this time, the 15-year FRM averaged 2.80 percent.
The 30 year mortgage rate hit 4.51% in the Freddie Mac survey two weeks ago, and is now down to 4.31%. This is still up sharply from 3.35% in early May.